TFSA contribution room query

[nipuns1]

I arrived in December 2012 on a student visa and got my sin number in Oct 2013, am I still Eligible for contribution for the year 2012 for TFSA?

I got the post-work permit in 2015, got my PR in 2017 and created a TFSA account in 2018

Thanks

 

[scylla]

I landed in Canada in December 2012 as a student, then got the work permit in 2015, got my PR in 2017 and created a TFSa account in 2018

I landed in December 2012 and got my sin number in Oct 2013, am I Eligible for contribution for the year 2012 for TFSA?

Thanks

Log into your CRA online account. That will tell you exactly how much room you have (or how much room CRA thinks you have). You don't want to over contributed since you'll end up paying penalty fees.

 

[nipuns1]

they tell me I can contribute from 2009

Log into your CRA online account. That will tell you exactly how much room you have (or how much room CRA thinks you have). You don't want to over contributed since you'll end up paying penalty fees.

 

[scylla]

they tell me I can contribute from 2009

Haha - CRA fail.

 

[Investocrat]

Bsed on when you landed, you will have been accumulating contribution room since 2012. As per the other response above, you can also find your total limit from your CRA My Account dashboard.

For more info on TFSA contribution limits and penalties:

https://www.savvynewcanadians.com/tfsa-contribution-limit-2019/

For more info on how to create a CRA My Account:

https://www.savvynewcanadians.com/how-to-open-a-cra-my-account/

I landed in Canada in December 2012 as a student, then got the work permit in 2015, got my PR in 2017 and created a TFSA account in 2018

I landed in December 2012 as a student and got my sin number in Oct 2013, am I Eligible for contribution for the year 2012 for TFSA?

Thanks

 

[nipuns1]

Bsed on when you landed, you will have been accumulating contribution room since 2012. As per the other response above, you can also find your total limit from your CRA My Account dashboard.

For more info on TFSA contribution limits and penalties:

https://www.savvynewcanadians.com/tfsa-contribution-limit-2019/

For more info on how to create a CRA My Account:

https://www.savvynewcanadians.com/how-to-open-a-cra-my-account/

I didnt have a sin number in december 2012 , I got it in 2013 , does that make me not applicable for 2012 ?

I checked from cra account as well , it shows from 2009

 

[Investocrat]

That's an interesting one. Not sure if that affects your 2012 contribution room. In this case, you would be best served to check what your CRA MyAccount shows or contact them to confirm for 2012. You will have room for 2013 though.

I didnt have a sin number in december 2012 , I got it in 2013 , does that make me not applicable for 2012 ?

I checked from cra account as well , it shows from 2009

 

[canuck78]

Would think it would start for the 2013 because that is when you became a resident for tax purposes.

 

[jaylee0379]

I think I've got the same question as yours. My CRA account just shows the contribution room accumulated from 2009, regardless of what year I entered Canada. I know this post is quite old, but if you can share what answers/conclusion you got, it'd be much appreciated!

 

[nipuns1]

I think I've got the same question as yours. My CRA account just shows the contribution room accumulated from 2009, regardless of what year I entered Canada. I know this post is quite old, but if you can share what answers/conclusion you got, it'd be much appreciated!

you cannot use your contribution room from 2009 , when they audit they give you a fine on your overcontributions , the TfSA limit starts from the year you got your SIN number , hope that helps

 

[jaylee0379]

Thank you so much for your reply.

I also read that the CRA will give us a warning via email before they fine on the over-contribution, do you have insights on this?

 

[nipuns1]

Thank you so much for your reply.

I also read that the CRA will give us a warning via email before they fine on the over-contribution, do you have insights on this?

No idea

 

[canuck78]

Thank you so much for your reply.

I also read that the CRA will give us a warning via email before they fine on the over-contribution, do you have insights on this?

Usually you just get a letter warning you that you’ve overcontributed and you have to deal with the consequences but maybe something has changed.

 

[expert_law]

Hello,
Can anyone help me with this - I received an educational letter from CRA on TFSA over-contribution. As per the letter, I have exceeded the TFSA contribution for 2022 by $9,000. So far, they are not charging penalty for this over-contribution. When I checked my CRA account it showed me that my contribution as of 1 Jan 2023 is only $2,500 (I guess this is due to the fact that a contribution room of $6,500 was added on 1st Jan 2023).

In this scenario, I have 2 questions:
a) What amount do I need to take out from my TFSA ($9,000 or $2,500) ?
b) How much time I have to withdraw the money (received the letter from CRA on 18th June 2023)? The money in TFSA is in form of Non-redeemable GIC and it is set to mature end of July'2023.

Thank you